By Andy Sambidge
Property advisor Tasweek enters into JV to own, operate villas in tourism project
UAE property advisor Tasweek Real Estate Development and Marketing, has entered into a joint venture to develop, own, operate and market the luxury properties in Malaysia.
The deal with Casabrina Vacation Villas is part of Tasweek's recently completed $250m property portfolio and reflects the company's investment focus on Malaysia's thriving tourism industry, the company said in a statement.
It added that interest from potential investors from the Middle East was "high".
Under the terms of the venture, Tasweek will market nine boutique Villa hotels under a Shariah-compliant scheme.
The villas are spread over 30 acres of hillside land surrounded by a 130-million-year-old virgin rainforest just under an hour's drive from the Patronas Twin Towers in Kuala Lumpur.
Each villa offers investors a unique design complete with approved building plans and occupies between 1 and 3 acres of freehold hill side land with no restrictions on foreign ownership, Tasweek said.
Upon completion, the complex will comprise 11 exclusive 6- and 8-bedroom suites nested at the foothills of Bukit Frasier in Pahang, the largest state in West Malaysia.
Tasweek said it has also secured long-term and competitive mortgage facilities from a reputable Malaysian financial institution.
"Our venture with Casabrina Vacation Villas enables us to have a direct hand in overseeing and promoting this captivating Malaysian development. Interest among Middle Eastern buyers is quite high, which is why we decided to have a greater stake in the villas," said Masood Al Awar, CEO, Tasweek Real Estate Marketing and Development.
Tasweek said its new $250m property portfolio is expected to generate an annual investment yield of 5-7 percent.